Aging Millennials do the most shopping over holiday weekend
Thanksgiving. Black Friday. Cyber Monday. That long weekend, which also swallows up another two days of the week in November, has it all, if shopping’s your thing. And this year, it turns out shopping really is your thing – if you’re at the older end of the Millennial Generation. Older Millennials – people born in the 1980s who would be between their mid-20s and mid-30s by now – outperformed other shoppers over this year’s long weekend. On average, they shelled out $419.52 over the full five-days, 25% more than the overall average.
This finding is delivered courtesy of the National Retail Federation’s (NRF) latest survey, and directly reflects the increase in spending power that the Millennial generation has undergone and is undergoing. It also implies more trouble for brick-and-mortar retailers: Millennials are notorious for using their phones to shop with.
That isn’t directly backed up by the data. This year’s survey blended in Cyber Monday and online deals with the offline action to produce a more robust overall view of retail. But it means separating out online and offline channels is hard. NRF CEO Matthew Shay told listeners on a conference call: “The big takeaway here is: Gone are the days you could measure the success of this weekend by looking at a single metric.”
What we do know is that 174 million Americans shopped online and in-store over the period. That beats the NRF’s estimates for 164 million by a long shot. But researchers at ShopperTrak seem to indicate that brick-and-mortar retailers felt the pinch: footfall was, allegedly, down by 1.6% over Thanksgiving and Black Friday together.
Still, the majority chose to blend Ecommerce and physical shopping. Shay says: “We were very encouraged that what we saw was strong engagement across the board, both in stores an online. That validates the investment retailers are making to reach customers in multiple ways.”
Dominion holds a number of online retailers, including Amazon, Zalando, Google, Alibaba, and more, in its Global Trends Ecommerce Fund.
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